近年來，大陸已經從一個強調經濟發展的國家蛻變為一個注重經濟發展但是也關注永續發展的國家。大陸從只願付出共同但有區別責任到積極做出空氣污染管制的大國，是否可以藉由不同於以往的模型來解釋？本論文主要運用路徑分析法的概念來闡述北京的空氣污染治理政策演進，藉由設定奧運和APEC北京為治理的「關鍵節點」，進一步闡述國家與地方環境政策的變化與演進。而中國政策決策制度的演進也是影響環境政策的輔助因素，因此第四章也特別說明中國大陸制定決策的模式演變。希望藉由不同的理論來解釋當前北京乃至中國的環境治理，並檢視當前環境治理的不足及說明未來可能的發展方向。 / In the past decade, countries and organizations around the globe have devoted themselves to brought out the important message of sustainable development. Climate change and environmental protection have been two of the core issues to be considered into state’s foreign policy. China has been facing the environmental issues in recent years. In this thesis, it argues that China’s awareness of sustainable development and environmental protection, especially on air pollution problem in Beijing, was gradually flourished as time went by. From ignoring environmental problem and devoting effort on one-sided economic development to positively face and try to solve the air pollution problem, China has gone through its decision-making and mindsets reform. Furthermore, this thesis suggests that the progress of it corresponds with a certainly path. Hence, path dependent analysis would be applied to test whether this kind of path fits air pollution control methods in China and possibly foresee the environmental future of Beijing to be a cleaner and healthier city.

隨著YouTube的普及與拍攝影片的門檻降低，愈來愈多使用者將自製影片分享至網路平台，其中也包含以科學為主題的網路影片，加上近年來如PanSci泛科學、Taiwan Bar以及Oisee等知識型YouTube頻道在國內興起，網路科學影片已然成為使用者分享資訊的方法之一，具備傳播知識的潛力。然而，網路科學影片儘管在網路上具有相當高的人氣，卻因其缺乏科學機構或媒體組織的把關，呈現方式和表現手法皆與傳統科學影片不盡相同，所能發揮傳播科學之功能也時常被忽略。故本研究以網路科學影片為研究對象，試圖瞭解網路科學影片所蘊含之人性化特質，及其促進科學參與之可能。 本研究採文本分析法，並以主題分析法作為資料分析的方法，選取國內外與科學主題相關之YouTube頻道及影片進行文本檢視。本研究歸納出網路科學影片人性化特質的三個影響面向，分別是：使得網路科學影片更加強調創作者個人特質、重視人與人之間的互動，並使之蘊含著鼓勵創作的「隨創」精神。 結果發現，網路科學影片強調以「人」為主體之運作方式，將傳統專家至上之科學權威轉移成任何使用者的分享論述，因而更有機會促進民眾認知參與、線上參與以及創作行為的投入，提升科學參與的可能性。整體而言，本研究以人性化的觀點探討網路科學影片之特質，並認為其有機會能夠促進科學的參與，主要之研究目的在於重新審視其在科學傳播所扮演的角色與功能，以帶動更多與網路科學影片相關的討論與研究發展。

1989年起，對台灣零售產業發展是一巨大的變革，萬客隆、家樂福等量販店產業的崛起是最具備現代化改革的代表，2000年以後，福元批發倉儲等相繼退出量販店市場，2003年年初萬客隆的停業與高峰百貨2003年年底的跳票倒閉事件更令人震撼，藉由本產業分析的研究期望能對成功與失敗案例背後成因有更深入的了解。 本文中第一章主要說明研究動機、目的、架構與限制，並對部分學者提出的產業分析文獻做一番探討，藉此，突顯與本研究中「產業矩陣分析法」之差異。第二章對量販店產業的定義與其發展沿革做說明，由於量販店所販售的商品與超商、超市、專賣店、百貨公司與甚至傳統市場有所競爭，對於超商、超市、專賣店、百貨公司與傳統市場等本文將其界定為量販店之間接競爭相關產業，文中也做了簡略的介紹，在本章最後說明量販店產業經營時所面臨的種種困難。 「產業矩陣分析法」的應用在於對產業經營流程中所涉及的價值單元(value unit)從投入(input)到產出(output)的產業價值鏈做系統化的分析，第三章主要在界定量販店產業經營流程與產業價值鏈，並對產業中投入部分的價值單元與產出部分的價值單元給予適切的定義。企業的策略需要因應產業環境變化而做適度的調整。「產業矩陣分析法」是從個別企業的立場著手，將產業價值鏈與策略型態構面和產業型態構面交叉分析，透過產業矩陣的應用，將產業分析與策略分析結合，從中為自己所屬的企業找出最適宜之經營策略應是「產業矩陣分析法」之真正精髓所在。第四章是藉由「產業矩陣分析法」來分析台灣量販店產業特性，將量販店產業的產業背景資料一一呈現，就如同一幅產業空照圖，而個別量販店業者要以哪一種策略進入這個寶山，就看個別企業的本事了。 第五章為本文之總結，文中對量販店產業可能的發展趨勢與經營策略做一些整理，並對政府有關單位提出一些建議，也期望對台灣量販店產業的發展有些許的貢獻。 / Since 1989, the development of Taiwan’s retail industry has been through a dramatic transformation with Marko and Carrefour representing the most contemporary innovative changing Hypermarkets. From year 2000 onwards, Fu-Yuan warehouse subsequently disappeared from the Hypermarket industry. At the beginning of year 2003, the stopping of operation of Marko and the closing of Kao-Mart department store represented more shocking news. Therefore the purpose of this study is to conduct an analysis of the hypermarket industry in order to gain a deeper insight of the successful and failed cases of hypermarkets. The first chapter explains the motive , objective, structure and limitation of this study and also gives a brief discussion of the exiting literature of the analysis of the industry through which the uniqueness of “The analysis of the Industry Matrix” could be emphasized. The second chapter explains the definition of the hypermarket industry and the chronicle of the development of the industry. The products sold by convenient stores, supermarkets, department stores and traditional markets are similar to the products of those of the hypermarkets. Therefore convenient stores, supermarkets, department stores and traditional markets are regarded as indirect competitors of those of the hypermarkets .The definition of these above mentioned industries will also be explained. The later parts of this study explain the various difficulties that may be encountered during the operation of the hypermarkets. The main application of “The Industry Matrix Analysis Method” is to systematically analyze every value unit from input to output of the entire industry value chain. The third chapter mainly explains the operation procedure and the industry value chain of the hypermarket industry and also gives the appropriate definition of the input value units and output value units of the industry value chain. The strategies of a firm must be constantly reviewed and changed according to the changing in the industry environment. “The Industry Matrix Analysis Method” is based on individual firms and is used to analyze the strategy dimensional types and industry dimensional types crossly with the entire industry value chain. By means of“The Industry Matrix Analysis Method”, the industry and strategy analysis could then be combined to find out the most appropriate operation strategies of the firms. This is the core spirit of “The Industry Matrix Analysis Method”. The fourth chapter involves using the “The Industry Matrix Analysis Method”to analyze the characteristics of Taiwan’s hypermarket industry and to present the background information of the hypermarket industry as same as the industry’s bird’s eye perspective picture. Which strategies the firm will take and which firms may dominate the hypermarket industry market depending on their own competence. The last chapter includes the summary of this study. The possible future trend and appropriate operation strategies are summarized. Suggestions for the government are also included. The author expects that this study could make some useful contributions for the development of Taiwan’s hypermarket industry.

幹細胞在組織器官再造中的價值已成共識，由幹細胞體外培養誘導的細胞、組織和器官，用於移植時可避免免疫排斥。未來，幹細胞將在組織工程領域搶盡頭采，逐步取代傳統的異體移植。因為成體幹細胞在人體內的數目通常不多，骨髓中每1 萬個到1 萬5 千個細胞才有一個造血幹細胞(hematopoietic stem cell)，必須要經過特殊的血球分離系統才能取得足夠量，目前醫界與學界所採用的血球分離儀器主要分為螢光細胞免疫分析儀(FACS)，另外，有鑑於使用者對於可攜式的需求加上半導體技術的成熟，目前還有一項全新的微導流技術被開發，因此對於幹細胞的研究，無論是胚胎幹細胞或是造血幹細胞，一個良好適用的血液分流系統都是必須而且重要的，我們也可以看見，隨著幹細胞的運用日趨廣泛，血液分流系統技術未來成長潛力更加可以預期。 本研究係採用SRI情境分析方式，透過包含學界及實務界的專家群會議，輔以腦力激盪的方法討論出關鍵決定因素與驅動力量，並以二個不確定軸面形成情境主軸，發展擴充成為情境內涵，再就各選定之情境(微導流領先，技術導向，美麗舊時光)內容進行SWOT及策略發展分析，並發展出細胞分流技術之市場及技術共同發展策略： 1. 積極推動幹細胞研究，增加市場需求。 2. 與國際同步建立儀器的確效與驗證模式，減少法規對於儀器的限制。 3. 積極推動產業的國際化，增加產業範疇 4. 積極發展奈米技術，同步提昇微小化技術與染色技術。 5. 流體與驅動技術的持續開發。 6. 光電偵測系統的研發方向。 7. 國家介入釋放舊的半導體製程技術。 關鍵字：SRI情境分析法，細胞分流技術，微導流技術，螢光細胞分析儀，情境預測，SWOT分析。 / Stem cell's value in the tissue engineering is given a new lease of life to has already become the common understanding, train the cell , tissue and organ from stem cell, can prevent the immunity from repelling when being used for transplanting. In the near future, the stem cell will rob the end to adopt in the field of tissue engineering, will replace traditional allograft to transplant progressively. Because body stem cell usually few figure having in human body, every ten thousand have a hematopoietic stem cell in the bone marrow, must pass the special cell sorting system to make enough quantity. No matter in clinical use or academic research use, fluorescence active cell sorting system is only way to separate stem cells from blood or bone marrow. For adding the maturity of the technology of the semiconductor to with the demand of the type, a brand-new cell sorting technology with micro fluidic system is developed at present, so the research to the stem cell, no matter embryo stem cell or hematopoietic stem cell, one good suitable cell sorting system must and important, we can see with application of stem cell being becoming extensive, cell sorting systematic technology grow up potentiality may it is expected future too. This research adopts SRI scenario analysis, through include academic researchers and expert groups of meeting, commercial end users, it produce the key decisive factor and drive strength to discuss so as to method that mental work agitate to complement, and with form the situation main shaft the 2 uncertain axle, development expands and becomes situation intension, selected situation content analyzed SWOT and tactics development each, erupt simultaneously and exhibit the market that the cell sorting technology and common development tactics of technology. In this research, our conclusions are as follows: 1. Actively prompt nano- technology research. 2. Actively promote stem-cell research. 3. Actively promote the research of cell's mark. 4. Develop monoclonal antibody commercialized channel and research. 5. Develop Micro fluidics and micro pumping system technology. 6. Develop the photo electricity detecting system. Key word: S R I scenario analysis methods, cell sorting system, micro fluidics system, fluorescence active cell sorting system, technology forecasting, scenario forecasting.

科學技術進步下，產品生命週期不斷縮短，不少企業藉縮短新產品規劃階段以及簡化的前置作業，回應必須快速推出新產品的壓力，但學者研究調查中持續發現，輕忽新產品設計與開發最起始階段是導致新產品失敗的主要原因，因此本研究將研究重點放在新產品開發流程之前段新產品策略與規劃工作上。 本研究將新產品開發流程一切為二，「前段」涵蓋全面發展階段之前的產品構想、初步調查、細部調查等新產品開發階段，「後段」則包括全面發展階段在內的產品測試與確定、全面生產與上市等新產品開發階段，而Cooper(2000)在前段與後段之間設立一個重要的檢核關卡，前段須產出明確的「新產品定義」相當於科技產品之規格，以及「新產品定位」也就是新產品對消費者之訴求重點後才能進入後段流程，因此本研究期望使此重要關卡所需的最後「新產品定義與定位」產出，能是一個周延考慮各面向因素的最佳結果，因此本研究提出之解決方法是納入前段所有需考慮的新產品策略因素以及可行性因素，加以整理並建立「新產品定義與定位評估架構」，提供企業在決定「新產品定義與定位」時能夠透過客觀檢核架構，進行新產品推入市場後成功率的評估，甚至能將之運用在各新產品方案之間的選擇，例如：越符合架構各面向因素的新產品方案，代表較高的產品成功率。 本研究選擇決策中心在台灣的「台灣自有品牌企業」，鎖定產品生命週期短且汰換率高之特性的「手機產品」，並以對企業與市場而言皆為新產品的「智慧型手機」為研究對象；本研究研究目的為希望了解台灣自有品牌手機公司實際進行新產品開發流程的情形，並找出妥善評估「新產品定義與定位」的衡量架構與指標，並進行整體與跨公司之各因素指標權重比較，期望結果可提供台灣自有品牌手機業者一個可遵循的「新產品定義與定位評估架構」以及可了解企業本身對新產品注重之重點的具體新產品管理方法；本研究方法為整合專家訪談、學者文獻和產業研究報告，建立「新產品定義與定位評估架構」，並使用層級分析法(AHP)將架構因素設計成問卷，請五家公司各一位有權決定新產品全面發展與否的高層主管，依據過去新產品專案管理經驗透過因素之兩兩比較，得到各層級之各因素在企業做新產品評估時的權重。 研究結果發現台灣自有品牌手機公司在第一層級指標中首重「新產品市場潛力與需求確認」與「新產品策略發展競爭分析」，並對「新產品技術開發與設計可行性」最不重視；策略夥伴(通路商/電信商)商品趨勢預測、新產品推出市場後的獨特性與優越性、機構與ID(工業)設計能力、新手機專案如期完成，都是第二層最被重視的指標；現有產品線之影響、目標市場銷售成長潛力、功能需求等則為第三層企業評估重點。 本研究相信新產品之表現好壞不僅是上市之行銷企劃結果，更來自於最起始新產品初生時企業所做的規劃階段與前置工作品質，透過「新產品定義與定位評估架構」將專家在做決策時的內隱經驗與知識作架構化，更透過層級分析法(AHP)的量化分析找出各指標權重，以客觀周延架構與具體權重改善決策者過去依主觀經驗決策情形，並提供企業一套有效產出「新產品定義與定位」的思考過程，更可進一步作為最佳成功率方案選擇的新產品管理方法。 / With rapid leaps in technology, product life cycle has been shortened in the past several years. Responding to this change some firms tried to simplify the preceding operation in the planning stage of the new product development process in order to speed up the lead time for launching new product. However some academic researches point out that the fewer firms do in the beginning stage of new product development process, the higher failure risk firms will take finally. For considering the importance of the start stage of new product development process, this thesis focuses on how to plan a new product properly and effectively. This thesis divides the new product development process into two parts. One is the former phase including “discovery stage”, ”scoping stage”, and “build business case stage”. The other is the later phase covering “development stage ”,”testing and validation stage”, and “launch stage ”.The Scholar, Robert G. Cooper(2000) created a method to manage the whole process called “stage－gate”. He mentioned “gate three” played a meaningful role between former and later phase because firms have to make commitment to the new product and put in real resources after former phase. In other words, “gate three” plays a role as a serious gatekeeper to make sure a well-defined and clearly-positioned new product. The definition and position of the new product is the output of former phase and means “gate three”. To have a sound definition and position of the new product, this thesis suggests a framework involved in all factors that are under consideration in former phase. Firms could adopt the framework when they have to create or evaluate a new product. This thesis also suggests that following the framework to evaluate a new product could be more objective and easily-obeyed, and most importantly lower the failure risk of the new product. This thesis takes “Taiwanese own brand company” as the object of study is because it is more feasible to contact with the core of the people who are the decision maker of a new product. Mobile phones are suitable to be the product of the study on account of facing the intense pressure from product life cycle shortened and high changing usage rate. Moreover this thesis chooses a fresh and novel product for consumers and firms, “smart phone”, as the target product. The purpose of this thesis is to know more how “new product development process” being implemented in Taiwanese own brand company, collect the factors considered in the process, and organize all the factors in a hierarchy framework. This framework works as a guidebook to evaluate new product definition and positioning. The method used in this thesis can provide more information such as quantification of importance percentage of some indexes. This study recommends that firms revise and adjust the percentages by comparing each other within five companies separately. To set up “ the new product definition and positioning evaluative framework ”, this research integrates the expert opinions of interviews with professors, academic researches, and industrial research reports. The concept of questionnaire is based on “Analytical Hierarchy Process, AHP” and designed for continually comparing the importance of different two factors for calculating the importance percentage. The people answering questionnaire are the senior managers who are responsible for making final decision and decide a new product is qualified for “gate three” and enter “development stage”. This thesis believes a successful performance of a new product launch is partly based on the marketing communication plan but mainly comes from an entire consideration of new product plan in the beginning of the process. By way of evaluating the definition and positioning of new product with hierarchy framework, helps decision maker to remove subjective opinion and conclude the decision more objectively. The most important contributions of this study are not only transferring latent thinking process to a easily-followed framework and output meaningful quantification importance percentage, but also the percentage can further be used to calculate points for choosing the best-fit new product on the selecting list. The thesis hopes the process of this research method to be a good new product management method and improve the success of new product development effectively.

經濟時代，智慧資本係企業創造競爭優勢及永續經營之核心關鍵，基於有效管理智慧資本，對其進行衡量之應用需求日漸殷切。本研究嘗試利用資料包絡分析法整合系統理論「投入—轉化—產出」之觀念，將智慧資本衡量指標區分為投入與產出項目，建構企業智慧資本轉換能力，並藉複迴歸分析，探討其對企業績效之影響；此外，與另外一項評估工具—智慧資本增值係數比較，探討何者對於企業績效具有相對較高之解釋能力。研究對象為我國2005年至2007年92家資訊電子業上市公司之縱橫資料。 實證結果發現，智慧資本轉換能力對市價淨值比未達顯著影響，顯示目前大部分投資人進行投資決策時較關注反映企業營運結果之財務產出面向，而不注重過程面資源投入產出間之成本效益分析；智慧資本轉換能力與資產週轉率呈正向相關並達顯著水準，亦即轉換能力越高，企業運用資源的效率越好；而在Vuong test檢測下，智慧資本轉換能力對企業績效解釋能力並未顯著優於智慧資本增值係數。本研究結果顯示，智慧資本轉換能力確實可提供一具體衡量企業智慧資本之指標，作為企業資源配置決策之有用資訊以提升企業經營績效。 / Intellectual capital(IC) is vital to achieving sustainable competitive advantage in the knowledge-based economy. In attempting to effectively managing IC, demands for IC measurement and application are increasing. This study integrates the system theory with Data Envelopment Analysis (DEA) to measure a firm’s intellectual capital transform capability (ICTC). The main purpose of this study is to examine the association between ICTC and corporate performance. Moreover, the study also compares the relative explanatory ability about business performance between ICTC and Value Added Intellectual Coefficient (VAICTM). Samples are drawn from 92 listed firms in Taiwan information and electronics industry, covering a 3-year panel data from 2005 to 2007. The result indicates ICTC has a significant positive impact on asset turnover ratio, which suggests that ICTC can be an indicator to measure a firm's operating capability. However, ICTC is unrelated to market-to-book ratio, which shows that ICTC explains business operating performance better than market performance. The Vuong test reveals that in explaining the performance of a business VAICTM does not have a higher explanatory ability than ICTC. This finding implies that ICTC can provide a valuable indicator for measuring IC, help a firm to efficiently allocate its resource and improve a firm's operating performance.

在醫學領域中，磁振造影（Magnetic Resonance Imaging, MRI）因為具有良好的空間解析度及對比度，且不會對人體產生任何輻射性或侵入性的傷害，所以在疾病診斷中為經常被醫師們使用的輔助工具。其中利用磁振造影測量患者腦部血流情形所攝得之對比劑濃度與時間關係曲線圖，更是醫學界在對付腦血管病變（Brain Lesion）時的診斷利器。然而截至目前為止，我們尚未有一個較正確且快速的方法可以用來配適其對比劑濃度與時間關係曲線中的參數。所以在本論文中，我們嘗試以統計上的觀點，利用幾種不同的配適方法，找出與原始觀察值最為接近之估計值。 在本研究中使用的配適方法有—「迴歸分析法」、「Whittaker修勻法」、「非線性函數參數修勻法」及「核修勻法（Kernel Graduation）」。 本論文將以往醫學界慣用的「乘方性誤差項」改變為「加成性誤差項」，再以不同的誤差項，利用電腦模擬出各組假資料（Pseudo Data）後，以上述的四種方式對原始觀察值進行參數配適與函數估計。綜合模擬資料與真實資料所配適的比較結果，我們認為在幾種方法中，最穩健（Robust）的配適法是「Whittaker修勻法」。而在本論文中進行配適的真實資料，應該具有較大的誤差項，才導致非線性函數參數修勻法不能得出很好的估計值。 / With greater resolution, higher contrast and no radiative hurt to human body, Magnetic Resonance Imaging (MRI) is widely used by doctors in diagnosing diseases. The concentration of the contrast agent v.s. time curves which generated by MRI for cerebral blood flowing is very useful to doctors when giving treatments to brain lesion. However, we still have no precise and quick solution for fitting the curve of the concentration of the contrast agent vs. time. Therefore, this essay tries to use some different statistical fitting methods to find the closest estimates to the crude observations. We will use four different fitting methods here—"Regression Analysis", "Whittaker Graduation", "Nonlinear Function Parametric Graduation", "Kernel Graduation". This essaywill change the "multiple error term" which was usually used in the medical field to "additive error term". After using different sizes of error terms to generate pseudo data by computer simulation, we fit the parameters and estimate the values of the function to the crude data we've created with the four fitting methods mentioned above. Comparing the fitting result of the simulation data and the real data, we think the most robust fitting method is " Whittaker Graduation". The real data we have fitted in this essay may contain a greater error term, it would make " Nonlinear Function Parametric Graduation" get inadequate fitting values.

企業股東基於法律與契約對於所投資之公司，通常享有股利分配權、新股優先認購權、剩餘財產分配權、股東投票權等基本權利，本文以股東權利基礎來重新詮釋Ohlson模式與Easton模式。基於股東權利基礎，Ohlson模式（價格模式）可重新表示為盈餘、帳面價值、投票權價值之線性模式；Easton模式（報酬模式）可重新表示為盈餘水準、盈餘變動、投票權價值變動之線性模式。本文依上述理論基礎發展相關之研究假說，為彌補單用當期盈餘資訊之不足本文於實證模式中將再加入未來盈餘變數，並以臺灣市場之資料來驗證各項假說。首先，本文實證價格模式與報酬模式之各項變數，對於股價及報酬是否具有解釋力。其次，本文實證當經濟環境不同時，上述實證結果是否會受到影響。 價格模式之實證結果指出：（1）各項價格變數對於股價皆具有顯著的正向解釋力。（2）當公司盈餘為負數或者盈餘持續性低時，當期盈餘對於股價的解釋力會降低。（3）當產業前景較差時，當期盈餘、帳面價值等會計資訊較不被注意，故比較不會反應在股價；管理者可由公司獲取的私有利益也會較少，故投票權價值與股價之關聯也會較低。（4）當產業生命週期較短時，當期盈餘資訊較被注意，此與其較易取得與計算有關。（5）當總體經濟情況不同時，各項變數對股價的解釋力並無顯著差異，此現象可能與研究期間內總體經濟情況好壞的差異並不明顯所致。（6）當通貨膨脹率較高時，公司所傳達之會計資訊會有高估的現象，故當期盈餘與股價之關聯會較低。 報酬模式之實證結果指出：（1）各項報酬變數對於報酬皆具有顯著的正向解釋力。（2）當公司盈餘為負數或者盈餘持續性低時，盈餘水準對於報酬的解釋力會降低，盈餘變動對於報酬的解釋力則會提高。（3）當產業前景較差時，由於盈餘水準、未來盈餘價值指標等會計資訊較不被注意，故比較不會反應在股價報酬；管理者可獲取的私有利益也會減少，故其與股價之關聯會降低。（4）當產業生命週期不同時，各項變數對報酬的解釋力並無顯著差異。（5）當總體經濟情況較差時，盈餘變動的資訊性顯著較低，此現象應與總體經濟情況較差時盈餘通常為負數所致，投票權價值指標也有相同的現象。（6）當通貨膨脹率不同時，各項變數對報酬的解釋力並無顯著差異，此現象可能與研究期間內通貨膨脹率高低的差異並不明顯所致。 綜上所述，股東權利基礎評價模式之各項變數確實能解釋股價或報酬，而且在不同的經濟情境下，上述變數對股價或報酬之解釋力確實會有不同，因此未來從事股權價值或股價報酬評估時，研究者應再進行相關的情境分析。 目 錄 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的與方法 5 第三節 論文貢獻 7 第四節 論文架構 9 第二章 文獻探討 10 第一節 股利分配權價值之相關文獻 12 第二節 剩餘財產分配權價值之相關文獻 14 第三節 新股優先認購權價值之相關文獻 19 第四節 股東投票權價值之相關文獻 26 第五節 情境式分析研究法之相關文獻 31 第三章 研究方法 33 第一節 股東權利基礎評價模式之建構 34 第二節 研究假說與實證模式 38 第三節 變數定義 47 第四節 樣本與資料選取 55 第四章 實證結果分析 59 第一節 價格模式之實證結果 60 第二節 報酬模式之實證結果 63 第三節 價格模式之情境分析結果 66 第四節 報酬模式之情境分析結果 80 第五章 結論與建議 94 第一節 研究結論 95 第二節 研究建議 101 第三節 研究限制 102 參考文獻 103 / When investors buy stock, they acquire all common and specific rights granted by the laws and contracts. Shareholders usually have the right to receive dividends, the preemptive right, the right to claim the residuals assets, and the right to vote at shareholders’ meetings. The paper uses the base of shareholders’ rights to re-explain the empirical meanings of Ohlson model and Easton model. According to the base of shareholders’ rights, Ohlson model（price model）can be rewritten as the linear model of earnings, book valve, and voting right premium. In the same way, Easton model（return model）can be rewritten as the linear model of earnings level, earnings change, and voting right premium change. According to the theory base above, this paper develops related research hypotheses. Not only current earnings but also future earnings are included in empirical models, and I use Taiwanese data to test the hypotheses. First, the paper tests whether each variable in price model or return model can explain stock price or return. Second, the paper investigates whether the results mentioned above will be affected by different contexts. The empirical evidence of the price model can be summarized as follows. First, each price variable has significantly positive explanatory power with respect to stock price. Second, when earnings is negative or earnings persistence is low, the value-relevance of current earnings will decrease. Third, when industry prospect becomes worse, market pays little attention to current earnings and book value and manager gets less private benefits, thus the association between current earnings, book value, voting right premium and stock price is low. Fourth, when industry life cycle is shorter, more attention is paid to current earnings, which is related to availability of data. Fifth, when macroeconomic circumstance is different, the explanatory power of each variable is not significantly different, this phenomenon may be due to little significant difference among macroeconomic circumstance during research periods. Sixth, when inflation rate is high, accounting information signaled by firm is overstated, which reduces the association between current earnings and stock price. The empirical evidence of the return model can be summarized as follows. First, each return variable has significantly positive explanatory power with respect to stock return. Second, when earnings is negative or earnings persistence is low, the value-relevance of earnings level will decrease, while the value-relevance of earnings change will increase. Third, when industry prospect is not good, market pays little attention to earnings level and future earnings indicator and manager gets less private benefits, thus the association between earnings level, future earnings indicator, voting right premium indicator and stock return is low. Fourth, when industry life cycle is not the same, the explanatory power of each variable is not significantly different. Fifth, when macroeconomic circumstance becomes worse, the informativeness of earnings change is significantly low, this phenomenon may be due to positive correlation between macroeconomic circumstance and earnings. Voting right premium indicator also has the same phenomenon. Sixth, when inflation rate is different, the explanatory power of each variable is not significantly different, this phenomenon is likely due to little significant difference among inflation rate during research periods. In summary, the variables in shareholders’ rights-based valuation models can explain stock price or stock return. In the different contexts, the explanatory power of variables mentioned above with respected to stock price or stock return is significantly different. The results imply the importance of contextual analysis when researchers are engaged in the valuation of stock price or stock return.

證券投資信託產業自民國八十一年開放信投信產業以來，由於每年之新基金設立數增加急速，致造成此市場之競爭更為激烈，又共同基金本身即具備國際化經營之特質，故思考在國際化環境下證券投信產業之競爭策略，並以司徒達賢之策略矩陣分析法作為分析之工具；同時以深度訪談之方式瞭解其國際化發展因素和成功關鍵因素。本研究發現其國際化之重要因素以獲取國外資源，提昇經營技術，和發揮綜效為主。

這篇論文的研究目的是，以「犯罪新聞」的研究為例，探討英國文化研究 代表人物Stuard Hall 的「主控意識型態理論」理論的詳細淵源與脈絡， 並根據Stuard Hall 的理論架構，針對國內電視日常性的犯罪報導作實例 的分析研究。在理論部份，本研究檢視二個典範觀點下三個研究取向的理 論，分別是多元主義觀點下的客觀性研究傳統與媒介現實建構理論，以及 承襲馬克斯主義架構下英國文化研究學者Hall的主控意識型態理論。除了 探討犯罪新聞的相關文獻以外，也對理論的基本假設和觀念架構作深入的 分析與評論。在研究方法上，本研究以符號學分析法表意三個層次的分析 為架構，分別是文本外延意義的分析、文本內涵意義的分析及意識型態的 解讀。分析的樣本是三家電視台八十二年三月十二日至廿五日晚間新聞的 日常性犯罪新聞報導，包括影部的畫面分析及音部語言的敘事分析。分析 的結果顯示﹕在文本外延意義上，犯罪新聞的敘事結構是以社會平衡遭受 破壞開始，而終於犯罪者被逮捕，社會恢復平衡，中心情節則是歹徒的行 動及警方的補救反應﹔而在影部的呈現，犯罪新聞的畫面是在有限的組合 要素中，作檢選與組合的工作，並依語言的規則排列敘事。在內涵意義的 分析上，犯罪新聞所隱涵的社會文化意義是透過警方╱犯罪者兩元對立的 關係，構連出社會之內╱社會之外、正╱邪、及道德╱罪惡的文化迷思， 以譴責非法，同時認可社會集體的道德與秩序的完整。然而，這樣的文本 論述是意識型態權力表意的結果，因為文本最後強調的是法律與秩序的不 可侵犯性，以及社會控制機構與社會權威的合理性和合法性，以維繫社會 的基本權力結構和規則，至於犯罪者所處社會結構的位置及權力壓制的歷 史結構因素則被加以隱藏或排除，以系統性的傾向複製社會中既有的意識 型態，同時也複製了既有的主控結構。